Gold and Silver Report: ABX, SSRI Sink as Gold Prices Retreat

Gold fell back below $1,300 an ounce

Gold prices dropped on Thursday, giving back all of yesterday’s gains after the Labor Department said that the lowest number of Americans in seven years filed for first-time unemployment benefits last week. Gold prices were also pressured by a separate report showing higher consumer prices in April. An improving job market and rising prices signal a stronger U.S. economy, making it likely that the Federal Reserve will continue tapering its monthly stimulus.

Gold futures for June delivery fell 0.9% to $1,293.60 per ounce on Thursday, according to CME Group. Gold prices were as high as $1,307.30 and as low as $1,290.90. Bullion closed in London at $1,298, according to BullionVault.

Silver futures for July delivery sank 1.4% to $19.48 per ounce. Thursday’s high for silver was $19.84, while the low was $19.43.